The news can hardly be said to be surprising, but Steve Jobs has announced he is stepping down as CEO of Apple with Tim Cook stepping in. The legendary Apple founder has been on sick leave since January 17, battling against pancreatic cancer, with Tim Cook (COO) having filled his shoes in the meantime.
"I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple's CEO, I would be the first to let you know. Unfortunately, that day has come," Jobs said revealing he will now take that position as Apple chairman.
The market reacted negatively to the news and Apple shares dropped 7 per cent in after-hours trading, but the resignation is not thought to affect Apple's aggressive roll out of new products.